Affluence Corporation (OTCID: AFFU) released a shareholder letter from President Oscar Brito, reflecting on the company's first year of reorganization under new management and outlining its next phase of strategic growth. The letter, issued on July 8, 2026, emphasizes building a scalable technology platform focused on Smart Cities, Industrial IoT, AI-enabled infrastructure, and enterprise software.
According to the letter, the acquisition of Mingothings established the cornerstone of this strategy, providing an established IoT platform and recurring enterprise customers. Mingothings subsequently acquired Marina Eye-Cam Technologies S.L., expanding capabilities in enterprise security, intelligent video analytics, and integrated hardware solutions. Management projects that IoT operations, including Mingothings and Marina Eye-Cam, could generate approximately $10 million in revenue during 2026, with expected EBITDA exceeding $1.5 million, subject to execution and market conditions.
The letter outlines a disciplined acquisition strategy, noting that Affluence is identifying well-managed technology companies in Europe and the United States that are below the size typically pursued by larger acquirers but have reached maturity where joining a larger platform can accelerate growth. The company intends to build an integrated technology platform with shared engineering resources, expanded commercial reach, and cross-selling opportunities.
Affluence has focused on strengthening its financial foundation, including completing a reverse stock split and advancing the restructuring of its balance sheet. The company entered negotiations with holders of outstanding convertible debt to restructure a substantial portion into long-term preferred equity securities. If completed, the restructuring is intended to eliminate deeply discounted conversion mechanisms and highly dilutive features, reducing future dilution and improving the cost of capital.
The letter describes a future national securities exchange listing as the intended culmination of the first phase of transformation, providing access to institutional investors and improved liquidity. Management views Phase Two as continuing to build an integrated portfolio of complementary businesses across Europe and North America.
Priorities for the balance of 2026 include executing the balance sheet restructuring, completing integration and commercial expansion of Mingothings and Marina Eye-Cam, advancing strategic acquisition opportunities, increasing recurring revenue and operating profitability, improving access to growth capital, and positioning for a future exchange listing.
The letter concludes by emphasizing the shift from restructuring to execution, with a commitment to disciplined growth, prudent capital allocation, and transparent communication. Forward-looking statements in the release caution that actual results may differ materially due to risks including the ability to complete acquisitions and financing, general economic conditions, and competitive factors.
More information is available at https://affucorp.com and https://www.mingothings.com.
